What are the minnimum Credit score/income FHA requirements for Southern California?

Asked by ., Rancho Cucamonga, CA Mon Mar 14, 2011

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Alan Strange, Agent, Westminster, CO
Mon Mar 14, 2011
I'm sure a mortgage broker will pick up this string so I'll give my $0.02. Most lenders in our area want credit scores to be above 620 and the loan limits are in the low $300,000s. I know there is legislation on the table to increase scores and down payments considerably so be now is a great time to get your ducks in a row. Good luck.
1 vote
, ,
Wed Mar 30, 2011
Remember, not all lenders are created alike. Our company goes down to 620 on FHA loans without having to get a second signature or investor approval. We can go down to 580 case-by-case or even do a manual underwrite, but it take some extra time and the rate won't be as good. On our VA or USDA RDL we look for 620 but we can do a manual without any traditional credit or scores. Hope this helps.


Have a prosperous day!
Web Reference:  http://www.AFN-Loans.com
0 votes
Michael Berg…, , Ontario, CA
Tue Mar 29, 2011
I attended a meeting today with a home mortgage manager of a reputable bank. He claims he can do a FHA loan with a 500-579 FICA score with 10% down. 580-599 with 5% down, and 600 and above with 3.5% down. The APR will be higher the lower your credit score of course and this is through a special program he works with.
0 votes
, ,
Tue Mar 15, 2011
Mr. Burke,

Interesting home page on your website. I never knew anyone could say this with such certainty:

"for the first 5 years at which point the mortgage insurance drops off of the FHA Loan."

Happy funding, Rudi
Web Reference:  http://www.umboc.com
0 votes
, ,
Mon Mar 14, 2011
All major lenders require a 640 Mid-FICO Score. There are some smaller lenders that say the will lend with lower scores.

Happy funding, Rudi
Web Reference:  http://www.umboc.com
0 votes
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